Getting through the last week before my next paycheque - without dipping into my savings or charging things to my credit card - can really be tough.
My solution to this problem is simple: At the beginning of the month, I move $100 into my savings account. When I look at my statement online, I see only my chequing balance on the home screen, and budget for that amount. Once I'm into that last-week home stretch, I move the $100 back into my chequing account and, presto – I have “extra” cash, and things don't feel so tight.
My solution to this problem is simple: At the beginning of the month, I move $100 into my savings account. When I look at my statement online, I see only my chequing balance on the home screen, and budget for that amount. Once I'm into that last-week home stretch, I move the $100 back into my chequing account and, presto – I have “extra” cash, and things don't feel so tight.
Some people have emergency funds or a line of credit. I don't have either, yet – though I should probably consider one of those options. Fact is, even if I had an emergency fund, I wouldn't want to dip into it for daily expenses.
I wonder if anyone out there has a similar strategy? It does seem pretty basic; you're just tricking yourself a bit, kind of like setting your clock ahead to give yourself "extra" time. Hey, it works!
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